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06-20-07 FPAC Minutes
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06-20-07 FPAC Minutes
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06-20-07 Minutes
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6/20/2007
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Authorized Investments (cont'd) <br /> • <br /> (5) Repurchase agreements (Repos)—contracts whereby a holder of <br /> securities sells the securities to an investor and agrees to repurchase <br /> them at a fixed price on a fixed date. The City in effect lends money to <br /> another party and holds the security as collateral until it is repurchased <br /> by the other party. <br /> (6) Money market mutual funds—shares of a Minnesota joint powers <br /> investment trust whose investments are restricted to securities <br /> described in (1) through (5) above, or shares of an investment <br /> company that meets the requirements of Minnesota Statutes 118A.05, <br /> subd. 4. <br /> Authorized Financial Institutions <br /> The City will conduct its investment transactions with several legal, <br /> competing, reputable investment securities dealers or banks located in <br /> Minnesota. The City will obtain a completed "Notification to Broker and <br /> Certification by Broker" statement of investment restrictions from each dealer in <br /> accordance with Minnesota Statutes 118A.04. <br /> Speculative Investments Not Allowed <br /> The City will not purchase investments which, at the time of investment, <br /> are not intended to be held to maturity, or which the City would not be able to <br /> hold to maturity because of cash flow requirements. This does not mean that an <br /> investment cannot be sold prior to maturity. <br /> The City will not invest in securities, other than money market mutual <br /> funds, without a fixed maturity and fixed interest or discount rate. <br /> Maximum Maturities <br /> The City will attempt to match its investments with cash flow needs. <br /> Unless directly matched to a specific cash flow, the City will not invest in <br /> securities maturing more than ten years from the date of purchase. <br /> Terms of Transactions <br /> All investment transactions will be "delivery vs. payment," which means <br /> that payment for the investment will be made only upon delivery of the security to <br /> the safekeeping institution designated by the City. This type of transaction <br /> provides the maximum amount of security to the City. <br /> 3 <br />
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